from grapho- + -oil + -logie-logy: inference of future production from an oil production profile. The theory underlying graphoilogy is that production profile is an expression of limited oil reserves; hence, a systematic analysis of the way production profiles are shaped can reveal traits of actual ressources.

Hubbert, M. King. (1956)

Thursday, February 19, 2009

Vehicle-Miles Driven at a Record Low

The fall in Vehicle-Miles driven is unprecedented, no wonder crude oil is piling up in inventories. In the monthly data, It seems that there is a beginning of recovery so maybe prices will go back up at the end of the year.

7 comments:

The current growth rate decline has not even been 5%, as the starting point was only +1%. If this economic crisis were to be only equal to the 1970s oil shocks, then we would expect yoy change in vehicle-miles to reach -8%